stick around. i am lori rothman. melissa: i am melissa francis. talks may still be at a stand still. we will talk about why now is the time to jump into the market. i do not know about that. i may have to challenge that. lori: the president on the ground in new york. surveying the aftermath of hurricane sandy. melissa: mf global and its not so former ceo john corzine fall. we will have a first on fox business interview about that. time for stocks now as we do every 15 minutes. nicole petallides is standing by. the dow hovering within an 80-point range today. nicole: when you think about

what is going on with this market, you have seen selling since the election basically. we are down six of the last eight weeks. majority of the dow opponents have come under pressure. the vix, the fear index, to the upside. i cannot tell you how many people were asking me about today's jobs numbers. obviously, we have had hurricane sandy to contend with. we have our bed numbers then and they were also disappointing. we are still remaining under pressure. lori: the fiscal cliff front and center this week. rich edson is in washington with the latest. rich: since the election, they have been staking out their opening fiscal cliff positions.

for the president and democrats, increase taxes on those earning more than $250,000 a year. opposing republicans who want no increases. >> it is politically unsustainable and the policy makes no sense for them to say that nobody in the country gets extended tax relief unless higher income individuals get a bonus tax break. >> an opening bid of $1.6 trillion in new taxes. that just is not serious. it amounts to about $0.20 to every dollar in tax cuts. in other words, no cut that off. it is a joke. a joke. rich: the opening offer is basically what he has already suggested. $1.6 million of tax increases on families earning more than $250,000 a year.

curbing the value of the deductions brings in more than a half trillion. limits on deductions raises another 120 billion. it means $243 billion more in taxes. that and a handful of others leads to many over the next decade. the president says he is open to ideas, though, he says he believes the math is not fair through raising money through deductions alone. he is willing to talk. back to you. lori: rich, thank you. setting us up great for our next guest. time is money. if you are sitting on the sidelines, you could be losing out big according to our next guest. a fourth round of using maybe just another -- kind of buried

in all the chatter from the president's press conference yesterday. we know we have an open ended policy, but the direct commentary on a qe3 is really interesting. are the investors missing the mark? >> investors are busy with the cliff and they should jump off the cliff and on the way down they should take a look at the fed because the fed is more predictable than it has been since world war ii. we know rates will be low, low, low, four years. we know the president appoint the governors of the fed and he has a senate will confirm his appointees. the policy will survive bernanke. if you knew and believed in your heart of hearts that the ten-year treasury yields will be 1.5 or one and three quarters for the next ten years, would you ignore the stock market? i do not think so. melissa: that is not what is

dragging the stock market right now. if you raise that, you have to earn that much more in the market in order to make a profit and makes stocks that much less interesting to people. >> melissa, absolutely. celebrating a possible romney went and did not get it. now they say they're better lock in a 50% gain right now. it does not trade heavy for another three or four years. i think a year end rally takes it back up. lori: how much would you attribute to the wealth effect? >> we do not know. the answer is, we do not know. lori: you are still bullish going forward. >> i am bullish on assets when the worldwide which are economy has a zero short-term interest rate and a long-term interest rate of one or 2% and it will be here for years.

not just the united states. europe, japan, sweden, switzerland, singapore -- by assets, do not sit in cash. melissa: why would you buy stock for stock it has become this world where you will be punished for making money no matter where you turn. it just seems like socks is one of the worst options. >> i do not agree that it is one of the worst. i think if you invest properly, you diversify your risk. you own some precious metals, you own some stocks, you own tax-free bonds. the 2.7 is going to go lower. lori: asset allocation, what do you recommend?

>> a piece of stocks, bond market, subject to your risk tolerance. personalize it to yourself. melissa: thank you. >> nice to see you. lori: at a global collapse just about a year ago losing one and a half billion dollars of customer money. melissa: the house financial services committee investigated. we will ask its chairman what he found. lori: speaking of gold, check out the trade. a big letdown for gold. listening to david here. do not stuff it all away in those safe havens. there is some risk out there. we will be back after this. ♪

melissa: a year later $1.6 billion in mf global customer funds are still unaccounted for. now, there is someone to blame. john corzine is responsible. choices made by him during his tenure as chairman and ceo field mf global's fate. i am joined now by randy neugebauer. thank you so much for joining us. i want to read a couple other reports from there as well.

those risks were exacerbated, those risks that they took. corzine created this at the firm where no one could challenge their decisions. where did you come to these conclusions? >> well, i mean, after that you know, three hearings of 50 witnesses that we interviewed and 43,000 pages of documents, what we saw was mr. corzine came in and try to transfer this company into a goldman sachs junior, if you would. he began to, you know, get some pushback from some of the positions he wanted to put on with this board positions. his risk manager said i think this is risky. he fired that risk manager. he was determined that he would use these rtm to, you know, turn

the company around and increase their earnings. as people begin to question that decision, you know, he ignored it. the chairman of the board basically mitigated any board supervision as well. melissa: it sounds like you lay the majority of the plan, if not all of it, at his feet. did anything that he do rise to the level of being criminal? >> hours without a criminal investigation. we try to put together what happened and why it happened and what was going on inside the company. we also say that there was a regulatory failure here. i do not want to put it all on easter corzine. his actions led to the bankruptcy of this company. we do not think the regulators were talking to each other. we would make some recommendations about that. we think that the disclosures that the company was making may have been misleading in many

ways. a lot of people did not realize that this company was taking these kind of works and really once it was too late. melissa: the regulator was in part to blame. >> we need to really love that if there needs to be some streamlining or consolidation here. what we had was competing interests. one regulator looking at one part and another looking at another piece of business. they really were not talking to each other until the end and then and it was too late. melissa: there is still customer funds on account for. >> we know there is no money tied up in the uk. this is another part of the report that we talked about. there will have to be some harmonization between the rules and united states and the countries we have investors trading. there will be a hearing, i

guess, later on in the spring of this year to see if that money can be recovered. the trustees working diligently to do that. we will wait to see how that plays out. melissa: important stuff. congressman, thank you so much for joining us. >> thank you for having me. lori: quarter after the hour. let's get you updated on where the stock market stands. nicole petallides. it is two different retail giant today. nicole: that is right. walmart and target. two key names to follow. the dow jones industrial obviously a component there. it is weighing on the dow jones industrial. walmart is worth 20 negative dow points right now. it is coming from walmart. the numbers that analyst expectations. also, for target, that one is on the move to the upside. their profit beat the street.

they're different and store cards have been doing really well. back to you. lori: thank you so much. melissa: any chance -- will be treasury secretary? charlie gasparino is working on that. i cannot wait to see what he will find. lori: a vegas casino game, right. that is coming up. you are looking at currencies right now. the dollar is a little bit weaker today. 127.70. back after this. ♪ ♪

♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going onow -- but hurry, the offer ends soon.

lori: breaking news. bernanke making comment specifically on the housing recovery. let's hear about those comments with peter barnes. >> the fed chairman is recommitting the fed to low interest rates for a long time. in his speech in atlanta just getting ready. keeping interest rates low to help the housing market and economy. he says the federal reserve will continue to do what we can to support the house or --

recovery. he reviews the fed's decision to launch qe3 and committing to keep interest rates low through mid- 2015. he hopes the actions "provide individuals, families and businesses greater confidence about the federal reserve's commitment to promoting a sustainable recovery." we are seeing signs of improvement in the housing market in most parts of the country. the housing sector is far from being out of the woods. he cites credit standards as one problem. lori: we have had record low rates for years now and we are starting to see the housing market recover. did bernanke link those two, in other words, take some credit? >> he does take some credit to keep them low. he says that is just one piece of fixing the housing market. the lending standards are too

tight. they swung too far in the other direction after the financial crisis. jobs, just plain old jobs for more people. getting the overall economy again will help the housing market. lori: thank you so much, peter, for bringing that to us. melissa: guard of the fiscal cliff. sounds fantastic. the white house is worried. charlie gasparino has all the explicit details. i thought you were going to be guard 316 know. this is what bowles is telling friends. he is saying that he will reject any offer to be treasury secretary. i will point out, and paulson said that two before being called by president bush back in 2006 and taking the job. the job he actually wants is a chief negotiator. he has described it as czar of

these fiscal clips. the white house, apparently, still does not want him. he has offered and offered and offered. they are rebuffing him. what is interesting and it felt like to me that just little old me, that he knows that president obama has all but singled, it will be chock lou who will replace tim geithner at the end of the year. it looks like bowles is out of the running. a little too conservative for this president, considering what the president has put on the table. not exactly the deficit plan. it is like massive tax increase. i think that is the emphasis of erskine bowles. that is not what this president wants to do.

he is telling people he is out. he wants to be honest fiscal cliff negotiator. it looks like he will not get it. at least so far. lori: what do we know about jack lu? >> he worked in the clinton administration. i think he was the budget director under bill clinton. he spent a little time on wall street. melissa: someone important calling you for that civility and i thought maybe it was erskine bowles department. he worked at citigroup for a while. you look at who he surrounds himself with. it looks like jack lu has that position. tim geithner, as you know, we'll stay until january. if the president was willing to do, you had at least taken erskine bowles up on his offer

to be czar of this. lori: what makes you think that there will be a czar right now seasonality and i don't think they are. anything is possible. the cuts made the comment at the last minute. he swooped in. as of now, the white house still remains very leery of the sky. the sun they do not want a dollar to come in and negotiate. they can give anything they want. civility pledges be clear what half of a person erskine bowles is. he is a bipartisan player. these very bipartisan republicans like himself. you have just put someone in the middle. it is kind of like an arbitrator. melissa: they did not even invite him back when simpson

bowles got together and made the whole plan. they did not even have them back to talk to them and consider it. charlie: no offense. if you want the white house to bring you in, you have to, you know, simpson bowles was the emphasis of obama -- raising top rates. it is about bringing down rates. melissa: he pretended like it was a good idea. dissented he just threw it out there. it was an interesting intellectual idea. if the president was really worried about the fiscal cliff, which i think we will get it. that is my prediction. they are so far apart. they lose a lot if they do. we will hit that thing. the fact that you do not bring in bowles now, it seems that there is no compromise. six owns charlie gasparino, thank you so much civility i

hope not. i think it would be a great story. lori: i think charlie should be the czar. i would buy popcorn and go sit there and watch. melissa: we would have to bleep the whole thing out. i think that would be the problem. there would be so much profanity. charlie: your kids could not watch. seems on they would have to put it on hbo or pay-per-view. lori: i love it. [talking over each other] president obama is promising compromise on fiscal cliff talk, but at the same time very firm on some very key speaking points. copper price obviously includes higher taxes by way of the president. melissa: pp reaching in agreement related to the oil spill. we will take a look at some of

today's winners and losers as we head out to break. we will be right back. ♪

lori: stocks are paring deeper losses with the dow down just 20 points. let's get an update from the floor of new york stock exchange with nicole petallides. bp and department of justice reaching a record payout agreement for that 2010 gulf oil spill. >> that's right. look at bp. this is a $4.5 billion payment, surpassing that which was paid back in 2009 by pfizer.

biggest of its kind. we're looking at bp. we're talking about the oil spill. it will be paid in installments over several years, five years. there is look at bp right now, at $40.38 a share. i want to look at broader markets as well. dow jones industrials down 27 points right now as we've been seeing pressure on names like american express, wal-mart, proctor & gamble, mcdonald's and at&t. overall we're seeing selling week after week. we're seeing so much concern about the fiscal cliff. taxes on the rise. we heard from some of the big banks and them talking about clients on the wait and see mode, lori and melissa. that is something we also are keeping in mind as well. back to you. melissa: nicole, thanks so much. natural gas pulling back after hitting a fresh one-year high. let's get to the pits of the cme. fox contributor, phil flynn. >> i know. that is the official start of winter for an energy

trader. winter really doesn't start until we start taking gas out of storage and that happened. another thank that happened earlier than a lot of people thought it would, not only because the weather has been a little bit colder but also because of the increased demand in the northeast, replacing some of that nuclear power plant demand that was shut down during the storm. so better than expected demand. the first withdraw of the season of the get your coat out. winter's here. melissa: uh-oh. gold prices reflecting slumping third quarter. i don't know, i think gold is going higher here. i think this is opportunity. >> i like the way you thing. george soros and others jumping into gold like crazy. gold was holding in there on increased concerns about the gaza strip. it really seemed to break when the fed's jeff lacker, mr. lacker came out and said if they get a deal on fiscal cliff we'll see 3% growth. i don't know what it was about the headline but as

soon as it hit the wire gold broke hard. they're looking at concerns about the economy. concerns about greece that has been relatively negative. agree with you long term it looks like a good buy. back to you. melissa: phil flynn, always the best. thanks so much. >> thank you. thanks, melissa. lori: thanks, phil. so president obama and house republicans are gearing up for negotiations on a deal to avoid the fiscal cliff. of course the president even stating during yesterday's press conference that he is open to new ideas. >> i'm open to compromise and i'm open to new ideas. and i've been encouraged the past week republican and republican agree on the need for more revenue from the wealthiest americans as part of the arithmetic if we're going to be serious about reducing the deficit. lori: joining me, david wessel, economics editor for "the wall street journal" he wrote a piece to proposals about letting the bush tax cuts expire. welcome to you. >> good to be with you. lori: the president says he

is willing to compromise but everyone is skeptical. we know he won't back down without at least raising taxes on wealthier americans, right? >> right. well, everybody is playing nice now. everybody is sounding very reasonable. everybody is willing to compromise without violating their principles. this is the kind of opening act of what will be a probably really intense negotiations and both the president and john boehner in the house --. lori: david, i'm so sorry to interrupt you. we have breaking news. we'll get back to the conversation. we're getting started. the president we are hearing arriving in staten island, an area, hard, hard hit by superstorm sandy. he is is expected to address the press after he speaks with first-responders. you can see the crowd there. a lot of media members looking to grab an interview or comments from the president as he tours sandy's storm-ravaged staten island. all right. let's return to our conversation with mr. west

self "the wall street journal.". when we hear from the mr. president we'll return to that. thanks for rolling, david. continue with your comments. you said this was the calm before the storm if you will. >> right. everybody is basically trying to jockey for position, making clear what their opening bid is and trying to make the public thing if this doesn't work out it was the other guy who was reasonable, other guy was unreasonable. lori: what is going to get this thing going? >> right. i think what, tomorrow as you know the president will meet the bipartisan leadership. i understand there have been some low level staff contacts. i expect him to come up with some way to avoid the mistakes of last year where there were a lot of meetings between barack obama and john boehner that went nowhere. they will use the next tier staff to work out something. i think the president is pretty firm telling them look, we'll raise taxes on the rich or we're going over the fiscal cliff. and republicans will have to decide, does he really mean

it? lori: your story this morning put out some alternatives to extending bush tax cuts. you could do other things. let me tick threw them really quick and i want to get your take what would be most effective. cap itemized deductions 50,000. tax earners of 250-k plus at least 21% of gross income and limit value of itemized deductions to 28%. these aren't necessarily all your ideas but grouping of things together i imagine you have seen and read of late. of those what do you think is the most effective? >> i think the issue is how much money can you get out of the top 2% without raising marginal tax rates? the one you saw on the chart in the paper this morning if you limit itemized deductions at $50,000, that is no one can take more than $50,000 worth of deductions you raise quite a bit of money. about $750 billion over 10 years. that is on the ballpark what you get for raising top

marginal rate. the problem it is really going to hurt people who depend on charitable contributions from rich people. for the museums, hospitals, united fund and all that. if you exclude charities from that, you only get $450 billion over a 10 years. a lot of money but a lot less than you get. what president is going to say, i don't see a way to get enough money to make the numbers add up unless we raise the top rate. the republicans will say, a, you don't need that much money if you're willing to cut spending more. well there is some room to give in the middle. what if tax rates went up for upper income but not all the way to clinton rates? could they then, would the republicans then settle for accept that but do something on the base broadening by getting rid of some deductions and credits. that is the conversation they will have behind closed doors and we won't really know for several weeks whether they're making progress. lori: david wessel, thanks for your time. sorry about the interrupt shn. >> always ready to stand

down for the president of the united states. lori: he is the president after all. after hurricane sandy the trash is piling two stories high. these pictures are devastating. we're looking at the cost of the cleanup live from queens, new york. melissa: pictures are amazing. something you don't think about. look at 10 and 30-year treasurys as we head to break. on the 30-years down two ways basis points. we'll [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs --

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>> i'm adam shapiro with your fox business brief. 439,000 americans filed for first time unemployment benefits last week, pushing jobless claims to their highest level in 18 months. hurricane sandy was a factor for the jobs. the storm added claims to been a weakening jobs market. the unusually high number is the first high report after the presidential election and followings unusually low numbers before the election. the rate on the 30-year mortgage rate fell to a record low again. according to freddie mac the rate is 3.43%. according to realtytrac, homes entering the foreclosure process are down 8% from the same time last years. sales are pushing prices higher in the many parts of the country, making it easier for owners to lower their monthly payments by refinancing. that is the latest from fox business, giving you the power to prosper

melissa: we have breaking news right now. these are live pictures in staten island in the aftermath of hurricane sandy. president obama standing by there touring the storm-damaged area. we expect him to comment shortly. we'll bring the remarks live. we must say at that we thought that would happen a few minutes ago. they're running behind schedule. we have eyes on it. we'll bring it to you as soon as it happens. lori: it is all about more jock and expansion. chrysler ceo sergio marchionne announcing new investments at multiple company plants as well as plans to hire more than 1000 employees. jeff flock is at the mack avenue engine plant to update us. >> big event, lori. you can see they're breaking it down. the event is over. big news from marchionne today on a number of fronts. we had him live on the fox

business network. you're looking at one of the ram trucks that the engines they make here they will go into. talking to mr. marchionne about the fiscal cliff. he told us live on the fox business network he is not worried about it. he is relying the administration and congress to do the right thing. he is not downsizing any inventory. we asked him said whether there was a plan to make chryslers in europe and sell in the u.s. like governor romney charged would take place in his campaign ad, he said there are no plans for that. in fact what we did here in the u.s. could be a road map for europe's success. here is what he had to say. >> europe needs to do exactly the same thing. the method that we were using up to now have not worked. and i learned a long time ago that if the damn thing is busted and it ain't running, throw it out and get something new and start all over again. >> speaking of what is running, this is the engine they make here at the mack avenue plant, lori. it is the penta star v-6.

it has the power of a v-8. 1200 new jobs being added. good news. lori: as soon as i thought i knew it was just like a v8 engine. can spot one a mile away. >> did you? here is the dipstick right here. you probably know about that. lori: i think he is teasing me. who are you calling a dipstick? melissa: that was good. >> oh, no, no. melissa: thanks so much. i will break this up. nicole petallides on the floor of the new york stock exchange. more people jumping ship at zynga. >> pretty unbelievable story here he will me list is a and lori. yesterday we were talking about the fact that the chief financial officer was leaving zynga and going over to facebook. well, another person, they have been rejiggering those executive offices there at zynga. the stock is down over 75% this year. here it is today. it is up 6 1/2%. today we're learning that the treasurer, mike gupta. is also leaving zynga.

where is he going? he is taking a similar role at twitter incorporated. this is according to bloomberg but becoming the vice president of corporate finance and treasurer. we're watching zynga on the move. one of the reasons they may have an up arrow, they have multiplatform game, ruby blast. that may be helping them, facebook, directly correlated with zynga and gets revenues et cetera from each other, almost bought zynga at one point and take a look here at facebook and how they are faring. don't forget i said they got one of the executives yesterday but facebook. nowhere near that $38 ipo price. but 21.99 today. back to you. melissa: nicole, thanks so much. lori: we have seen so many devastating pictures of the horrific damage hurricane sandy left in her wake like broken houses and trees but what you haven't seen until now is where all the stuff goes and the personal and family items that sadly end up in the trash heap. it is the untold story what

happens to a neighborhood after a hurricane. we turn now to our own liz macdonald who is live in queens, new york. liz? >> yeah, that's right, lori and melissa. just around me i'm picking up photos from family albums right on the ground around here. this is what is happening, you're absolutely right, lori, i say a dozen towns, 11 towns ended up in parking lot. it was a parking lot for jacob ris park. it turned into a new landfill. department of sanitation is saying biggest in new york state. we have whole neighborhoods here, business districts. you can see off in the distance the freedom to youer is five to seven miles away. what you're seeing family sofas, white wear, meaning appliances, photo albums, childrens toys put into dumpsters and transferred out of new york state and possibly into places like

pennsylvania. the weight of the tonnage here is surpassing the weight of the empire state building. and what the sanitation department, they are the first responders by the way, they're telling fox business just five minutes ago that the reason the fires burned in these houses because debris was blocking the fire trucks. that is one of the reasons why the homes in breezy point burned and also in the rockaways. but what they're going to be doing now is essentially 1800 truck as day, moving this waste out, into a parts of pennsylvania and other states and then private companies, public sector companies like waste management may get in to bid on it because unfortunately one man's trash is another man's treasure. we'll give you live updates throughout the day. tell you something, this is approaching three stories high and it will get bigger as the power gets turned back on, sanitation department essentially saying this pile will get bigger as more debris is cleared when the power is put back on. give it back to you guys. we'll be here throughout the day with live updates.

lori: all the memories and family heirlooms. melissa: so devastating. so sad. the post office setting a record, a record loss that is. the latest on the struggling health of the usps. that is ahead. lori: the dow is down 12 points. there are winners on the session. net apps, dollar tree, fossil. we're back after this.

melissa: breaking news right now, a nationwide computer problem grounding united airlines flights is now resolved this according to a company spokesman. fox business was the first to report the outage but the airline now says operations are getting back to normal. this is the third major computer glitch for united in the past five months. slowing things there down.

lori: the timing to glass half-full, timing is good i guess to have that happen before the thanksgiving rush. anyway. melissa: yeah. not for anyone traveling today it wasn't. lori: sears and wet seal slated to release third quarter earnings today amid preparations for the holiday shopping kickoff on friday? what can we expect? sandra smith with a preview in today's trade. >> look at sears. what a turnaround story here. they have been working on this for a while. we saw the stock take a big dent earlier in the year but it has rallied back and for the year it is now up 84%. so a major performer. some saying still has a long way to go but they're cutting back inventories, closing stores. sears will be reporting after the bell tonight. they are expected to report a smaller loss, but still a loss. so keep that in mind. also by the way they will be holding a very rare conference call with analysts after the bell. so watch for all of that, guys. sears, definitely one to watch. up about a percent.

definitely some optimism there. credit suisse saying they believe they can put out strong results after the bell. wet seal, teen retailer, all over the place, extremely volatile. we'll see how the teen retailers are faring after the bell tonight. melissa, lori? lori: thank you. stay right here on fox business. all earnings action as dell, gap report after the bell. david and liz give you everything you need to know starting at 4:00 p.m. eastern. melissa: one thing the post office is good at delivering, losses. the struggling mail service reporting a record $15.9 billion for the fiscal year-ending september 0th that is insane! 11 ball -- $11 billion increase from the preceding year. how is that possible? patrick donahoe blaming losses on obligations to retires and falling mail volume. forecasting millions more in additional losses.

con that hoe is urging congress to pass postal legislation earlier this year. maybe they need to close post offices. stop saturday delivery. lori: hold onto the outrage. i want to get to the next thing. melissa: okay. lori: we can not end without showing you this. you were on wnyw on fox affiliate talking about the new -- you ate bugs. you were eating bugs to sell your book. melissa: i know. such a sign of desperation. isn't it sad? lori: you look great. it that really all that matters. melissa: i was willing to eat a grasshopper to try to sell my book and tell people i will sign books on barnes & noble on 86th and third tonight at 7:00. all that, i ate fried grasshopper. lori: local news is so much fun. looks like you had a good time. melissa: we did have a good time until they forced me to ate a grasshopper. lori: that is protein. melissa: i will bring one

for you? lori: what? melissa: i will bring one for you. lori: no way. 5-hour energy owner responds to government records that show it linking to more than a dozen deaths. more on fox business. lori: you will not die from eating a grasshopper. melissa: i think i might

>> good afternoon, i'm tracy byrnes stocks cut their losses. what if anything can stop the slide at this point? we're looking for answers ahead. china's leadership shuffle, man, oh, man. should american companies doing business in china be worried about the new men in charge? there are seven of them. chinese expert gordon chang here to tell us exactly what we need to be worried about. the federal housing administration appears headed for a multibillion-dollar bailout,

by you guessed it, you, the american taxpayers. liz macdonald back in 2009 reported this. this should come as no surprise but we're going to look at what it could mean for the fragile housing recovery. that is all ahead. but it is top of the hour now. so it is time for stocks as we do every 15 minutes which head down to nicole petallides on the floor of the new york stock exchange. nicole, the dow is down seven points but we can't seem to shake the negativity, can we? >> much improved, the fact it has gotten this close to the unchanged line, not too bad at all. that is enough to impress folks on wall street. we've been in a relative trading range and the trend has been to the downside. it is not unusual to see this type of action. the s&p 500 just moving here into positive territory up about one point in fact. the banking index is higher. drug stocks are pulling back. let's look at two retailers. i have a winner and a loser. the loser is dow component with wal-mart. come out with numbers. revenue missing. outlook also missing analyst estimates. they are global, obviously

global story but really coming under pressure but --. tracy: nicole, i have to jump in. president obama is speaking on cedar grove avenue on staten island. let's listen in. >> and i promise to everybody that i was speaking on behalf of the country when i said we are going to be here until the rebuilding is complete. and i meant it. so i'm going to come back today but i will also be coming back in the future to make sure we have followed through on that commitment. i want to thank the outstanding leadership that has been provided by state and local officials. obviously governor cuomo and mayor bloomberg have done an outstanding job. to borough president manero, thanks so for your leadership at a time when folks on this island were

going through extraordinarily difficult times. the people of long island, who are going through really tough times, across the board what we've seen is cooperation and a spirit of service, and, you know, for the first-responders who are here, the police officers, the firefighters, the ems folks, the sanitation workers who sometimes don't get credit but have done heroic work, we are so grateful to you because you exemplify what america's all about. i am grateful to the red cross who has been so responsive, not just here, but, in disasters around the country. i want to thank all the volunteers. as we were shaking hands over there, we had folks from every part of the country. we had canadians who had come down to help out and, you know, during difficult times like this, we're reminded that we're bound together and we have to look out for each other and a lot of things that seem important, the petty differences, melt away and

we focus on what binds us together. we as americans are going to stand with each other in our hour of need. now, more specifically we're now still in the process of recovery. as you can see as you travel around parts of staten island, as we flew over parts of, other parts of the city and the region that had been impacted there's still a lot of cleanup to do. people still need emergency help. they still need heat. they still need power. they still need food. they still need shelter. kids are still trying to figure out where they're going to go to school. so there's a lot of short-term immediate stuff that has to be dealt with and going to make sure we stay here as long as people need that immediate help. that's fema's primary task. we'll be coordinating closely with state and local

governments to make sure folks are getting the short-term help but what we also argued there will be some long-term building that is required. you look at this block and you know that this is a community that is deeply rooted. most of the folks that i met here have been here 20, 30, 50 years. they don't want to see their community uprooted but there's got to be a plan for rebuilding. and that plan is going to have to be coordinated and they are going to need resources. so what i have committed to doing is work with the outstanding congressional delegation led by your senators, chuck schumer and kristin gillibrand and working with governor christie and the jersey delegation to try to come up with a gameplan for how we're going to resource the rebuilding process. and i'm confident, as governor cuomo said, that we're going to be able to do it but it is going to require everybody focused on getting the job done.

we're going to have to put some of the turf battles aside. we'll have to make sure everybody is focused on doing the job as opposed to who is getting the credit or getting the contracts that sometimes goes into the rebuilding process. on the federal level because this is going to be such a big job i wanted to assign one particular person who would be in charge from our perspective, who would be our point person because fema basically runs the recovery process. it doesn't focus on the rebuilding. for that we've got to have all government agencies involved. janet napolitano has done a great job with respect to dhs but we thought it would be good to have a new yorker who is going to be the point person and so our outstanding hud secretary, sean donovan, who used to be the head of the new york housing authority, so he knows a little bit about new york and building, is going to be our point person and

he is going to be working with the mayor, the governor, the borough presidents, the county officials, to make sure we come up with a strong, effective plan and then i will be working with members of congress to do everything we wan to -- can to get the resources needed to rebuild. i have every confidence that sean will be doing a great job and so people should feel some confidence about that. let me just close by saying this. i had the opportunity to, to give some hugs and communicate thoughts and prayers to the moore family. they lost two young sons during the course of this tragedy. and obviously i expressed to them, as a father, as a parent, my heartbreak what

they went through. and there still obviously a little shell-shocked because they came here in part because they wanted to say thank you to all the people who have been supportive to them. they particularly mentioned lieutenant kevin gallagher of the nypd, who, when they knew that their sons were missing, lieutenant gallagher made a point of staying with them and doing everything he could so that ultimately they, they knew what had happened with their boys and were able to recover their bodies and has been with them as a source of support ever since. that's not in the job description of lieutenant gallagher. he did that because that's what so many of our first-responders do. they go above and beyond the call of duty to respond to people in need and so i want to give a shoutout to lieutenant gallagher but i

also want to point out the moores, even in their grief, asked me to mention lieutenant gallagher and that says something about them as well. in that spirit and sense of togetherness and looking out for one another, that is what will carry us through this tragedy. it will not be easy. there will still be, believe it or not complaints over the next several months. not everybody will be satisfied. i have to tell you the insurance companies and some of the other private sector folks who were involved in this, we need you o show some, some heart and some spirit helping people rebuild as well. but, when i hear the story of the moores and i hear about lieutenant gallagher, that is what makes me confident we'll be able to rebuild, all right? i'm very proud of you, new york. you guys are tough. you bounce back. just as america always bounces back. the same is going to be true this time out. all right? thank you very much, everybody. [applause]

tracy: that's president obama speaking on cedar grove avenue in staten island, new york. this is the president's first trip to staten island. i'm sure he was dismayed what he saw and how much work still needs to be down out there. long island as well. he did mention in order for the cleanup to happen properly in our area, he wanted to appoint a point person. sean donovan, the housing and urban development secretary will be our guy. he is a new york city native so he knows the area very well. the president appointed him the lead guy on getting the job done. so sean, your phone will be ringing i'm pretty sure very quickly. a lot of work to be done. many i'm sure wondering why the president has not been there sooner. all right, coming up the founder of 5-hour energy responds to report that is the drink has been cited in more than a dozen deaths. manoj bhargava will join us.

gordon chapg says it means the wheels are coming off of china. look how toil is trading down. we'll be right back.

tracy: popular caffeinated energy drink 5-hour energy can be found in stores everywhere but now records from the food and drug

administration show it has been cited in reports on 13 deaths since 2008. manoj bhargava is the founder of 5-hour energy. he joins us now. i'm glad you're here, sir. i think a lot of people have a lot of questions about this. okay, so the fda does this report, fines 13 people have died and they also took the product. what is the correlation? do we know how many shots of 5-hour energy they took prior to death? >> no, actually the question really starts where does it start? the fda just gathers data. they're not asking at this point because, we just, gather data and submit it to them. this whole thing is, really, i mean, as you know some reporters tend to stretch the truth a little bit and where it really comes from is, for example, i'll give you a an example of one of the deaths. they, it was a tragic car accident and at the end of the accident they found an empty 5-hour bottle in the

car. that could be six months ago. tracy: did you reach out to the families? have you talked to the families? >> this is what we get with, we get the reports. tracy: you haven't talked to the families. >> we do. tracy: you do? >> this is the reports we get from the families. we give the information to the fda. it is not the other way around. tracy: there have been other lawsuits. 33 hospitalized. 92 reports on adverse effects. how do you address all that? >> if you look through them they sound, oh, my god. if you look through them, the cases most of them are just ridiculous. i had 5-hour energy yesterday and today i have a stomach ache. tracy: how do you test the product before it comes to market? you somehow convinced gnc to put the product on the shells. what tests did you show them it was safe enough for people to take and they would get a little energy on it? >> here is what is interesting. there is nothing in 5-hour nothing already in foods and

vegetables. tracy: b-vitamins, caffeine which is everywhere. >> that's correct. caffeine gets a really bad name but the large starbucks has twice the caffeine of 5-hour. tracy: if we don't know how many bottoms these people took prior to these so-called deaths, what is the fda going to do to figure out actually that you're the cause of this? >> no. we submit this stuff to them. they look it over. tracy: they have to take this further, right? they have to now determine if there's a connection? >> if the reports make sense, in other words, if it is something like this car accident --. tracy: sure. >> they're not -- what are you going to investigate? there is nothing to investigate. tracy: if the fda does somehow determine there is correlation between these deaths and your product, do you remove it, do you take it off the shelves. >> of course. there is no correlation. like saying caffeine is bad. 100 million people drink caffeine every day. to say caffeine is bad is ridiculous. tracy: just so people are comfortable out there, i could take one shot for the

most part, you take one every day without a problem? >> that's right. tracy: so it says on the bottle all the side-effects. people could have a alerly to niacin and unknown allergies out there. how do you protect yourself against that? >> that is impossible because otherwise you take peanuts off the market. tracy: you're right. my son is very allergic. >> you would take half the foods oaf the market because someone is always allergic to something. if allergic reaction to one thing and one out of 100 million people are allergic if you take all the products off --. tracy: you would have nothing left. i'm sure we'll hear hear more about this. we'll certainly keep track of the story so people understand. i thank you for being here to share your story. >> okay. thank you. tracy: manoj bhargava, founder of 5-hour energy. he started, started quite a little race to the top to see who has the best energy shot out there. as we do every 15 minutes let's take a look at the market right now. nicole petallides on the floor of the

new york stock exchange. nicole, i cut you off earlier because of the president. but you're looking at bp, another step closer to being done with this nonsense. >> it doesn't come cheap, all right? for bp you're talking about a $4.5 billion payment to the u.s. obviously on the heels of the oil spill in the gulf and that was spilling back in the gulf. it was 11 workers that died. we can't leave out. that was back in april of 2010. for over 87 days oil was spilling. the resolution is $4.5 billion. the record largest payment ever, comes second to pfizer which was $3.8 billion in 2005 for marketing fraud. it will be installments over years. bp says they will continue to defend themselves against the remaining civil claims. the stocks you see up arrow today. it is down 30% from the oil spill back in april of 2010. back to you. tracy: amazing it is still going on. nicole petallides, we'll see you in 15 minutes, thanks.

coming up we'll move on to china. china expert gordon chang says beijing's new leaders, believe it or not a big step backwards in the tense relationship between the united states and china. first let's look how the dollar is moving right now as we head out to break. currencies all up against the dollar, euro, u.k., pound, canadian dollar and the peso. we'll be right back. [ male announcer ] it's simple physics...

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tracy: the chinese communist party reveals its new generation of leaders today but our next guest is really concerned that this older, conservative leadership lineup is unlikely to take any drastic action needed to tackle the pressing issues like social unrest and corruption that basically plagued this economy, not to mention china's slowing economy overall. gordon chang, author of, the coming collapse of china says the wheels are finally coming up. he is here. gordon, i know you've been saying this for a long time. talk about the seven-member team that is knew. every 10 years they elect new leadership. >> actually, every five. 10 is the big one where you have the generational change. we went from the fourth generation leaders to the fifth. the new guy is xi jinping.

tracy: what did they not get in this group? >> they were looking for reformsers. a couple of them had a chance to get on the polely burt row standing committee but none of them did. conservatives dominate with four members out of seven to maybe six conservatives. this means that china will go in the wrong direction. it has been on anti-reform binge. it will not change course and move forward. tracy: what is confusing to a lot of people, conservatism here in the united states sounds like a good thing. let the government be conservative for a change, right? you're saying in china not so much. >> they use the term differently in china. the conservatives are the hard-liners, anti-reformers. the guys that want to go back to the old ways of doing things. this is not a good sign where the conservatives will dominate the standing committee. they will have at least four and maybe six members of it. tracy: what does that mean? we'll see more inflation in china? >> i think what we'll see, first of all there is really

no push to consumption which is really what they need to do. they will not open up the economy. the entrenched interests have done well shutting out the foreign competitors and that will be a problem for us. we complain about access to the chinese economy. it will probably get worse, not better. tracy: will their standards change with this conservative leadership? we talk often how they don't have audited financial statements. they don't have their own version of the fda. will esee that? >> i don't think so. i don't really see the push for reform. the other thing is politics. most observers think the chinese economy has gone about as far as it can in the existing political framework. no political reform means no long-term growth. tracy: means communism. >> means communism. a command led economy where entrenched interests do very, very well and where foreigners and domestic entrepreneurs don't so so well. tracy: in the united states you say this is so bad for our foreign companies trying to get in there and do business and many of our factories are in china.

you're saying across the board this is a problem? >> this will be a problem. it comes at a bad time for china. they have other unrelated challenges. they have a demography problem. which means they don't have enough workers. there are sorts of manufacturing companies, where countries are going to vietnam, indonesia, mexico an even coming back to the u.s.. tracy: how are the china -- chinese people feeling about this? you're right, there is labor shortage. the push from the farms to the factories is done, isn't it? where are they working? >> they're working but because of a slowdown we're starting to see more and more unemployment. has not become a major factor in social unrest but could easily do so. everyone was hoping because there is always hope when you have a new chinese leader. but with this old conservative group coming back people are going to sort of turn off. i think the xi jinping, the ruler has a legitimacy crisis on his hand. tracy: the negativity from the people will be the real problem from china, isn't

it? >> right. tracy: our markets are negative. everything is negative. that doesn't help the country grow. >> you have to remember the communist party's legitimacy has been derived from the continual delivery of prosperity. tracy: right. >> when you can't deliver prosperity because china is not growing at 7.4% they claim. probably going one or two when you look at electricity statistics, manufacturing surveys, and price indices they have deflation. how can you have robust growth and deflation at the same time? tracy: we rely so much on china. gordon chang, thanks for bringing all of that to us and explaining it. all right, president obama touring new york nabe hides -- neighborhoods devastated by superstorm sandy. that is next. let's take a look at some of today's winners and losers as we head out to break. the dow is down 20 points. petsmart is up. one of the s&p 500 winners up 3 1/2% and dollar tree up over 5%. we'll be right back.

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the past the hour we have to check the markets as we do every 15 minutes. nicole petallides on the floor of the stock exchange. stocks have cut some of their losses, down 28 points. nicole: you have the down arrow here. looking like the down arrow this week in which means selling, of nine weeks. this is where we stand around the levels. our trading range, 12,500 was our load today, 12,600 was our high today. obviously a very apropos number at the 100 mark but the dow is down 31 points and we have seen a lot of names under pressure on the s&p and the dow.

walmart with weak numbers and weak outlook has been weighing on the dow. on the s&p 500 names like limited and gap and capital one financial, apple, names that are weighing on the s&p 500 and the economic numbers enough to give this a boost. jobless claims were very weak. liz: for more on stocks's recent slide, let's bring in hank smith, chief investment officer, thanks for hanging out. glad we got this in. jobless claims, the philly fed was out this morning. what bothers you the most about the economic data we got today? >> the economic data is hurricane sandy and we knew this was going to happen. we also knew that europe was in a recession so that

early-morning report was no surprise. i think this has everything to do with the uncertainty of the fiscal cliff and whether this lame-duck congress will bridge the fiscal cliff into 2013 or whether we fall over the cliff and if we fall over the cliff or if the market senses we are we are going to be looking at dow level lot lower than the day. tracy: even if we fall off the cliff in the esoteric sense, we could still retroactive everything back to january 1st and full our own. >> that is true. the economic impact would be limited. today's vigilantes' reside in the equity markets, not the bond markets. the equity markets, much like they did in the fall of 2008 when the first t.a.r.p. failed, they will respond violently if congress does not bridge this

fiscal cliff. tracy: charlie brady noted that since president obama's election last week the dow has shed 635 points, a little more now, six day slide. you don't think that is because of the election? you think this is more because of the upcoming fiscal cliff? >> that is correct. we were on record saying even if romney won the market would sell-off because 100% of the focus would turn to the fiscal cliff and the huge uncertainty that that portends if it is not dealt with. tracy: does it create a buying opportunity? if they bring this down to the midnight hour which you know they're going to do the market could potentially fall lot further, then a lot of stuff is on sale. >> you are absolutely correct because as soon as the fiscal cliff is resolved, if you will, war of voided you will see a step back, a very dramatic rally

on the upside. tracy: you are big fans of what the fed has done. you think infusing more money into the market is the right answer for us? >> what we need is better fiscal policy that will allow the fed the chance to take its foot off of the accelerator and hopefully with a comprehensive tax reform combined with the entitlement reform, the grand compromise, the fed can begin doing that in 2013-14. tracy: wrapped up with a bow and put it under the tree. thanks for sticking around. we have breaking news. oil closing down $0.87 at $85.45 a barrel. that is a loss of 1% day. we have seen a lot of horrific damage hurricane sandy left in her wake. what you haven't seen yet is

where all this stuff goes. personal and family items that end up in a big heap of trash. we turn to our ever faithful elizabeth macdonald who has been now all these different areas. today she is in queens. what do you see today? i can't even imagine. liz: this is normally a beach area. this is a parking lot to a popular beach area and what we're seeing here, the remains of a neighborhood in 11 or 12 towns in the rockaways and howard beach and entire business districts, so you see matterses, a dryer, car seats. i'm holding around my hands photos from photo albums, a golf ball, christmas decorations on the ground around me. what is happening right now, this amount of trash even today has grown to three stories and wi the power comes back, you

llll see this grow even bigger. the president gave a shout out to sanitation workers who are the first responders. we are hearing from the sanitation department this is a local problem and local first responders were the garbage guys who cleared out the way for fire trucks to get in and stop the fire is burning down homes. what is happening is trucks, 1800 trucks a day, the weight of this is approaching the weight of the space station, 4,000 tons. they are going to be putting this trash into the trucks, moving out to places like pennsylvania and publicly traded companies will bid on it because again and again we see one man's trash is another man's treasure so we will give you live updates. the president did do a fly over in marine 1 earlier in the day when we were here. tracy: a fly over. all i think about are my kids's baby pictures and it makes me

want to cry. liz macdonald doing great work. thank you. all signs point for a massive bailout for the federal housing authority. coming up hard the impact american taxpayers and the fragile housing market but first as we do every day let's look at how the 10 and 30 year treasuries are up on trading. ten year treasury down one basis point, 1.five nine% and your 30 year down slightly as well, 2.72% and the dow down 35 points, 20 points of that contributed to walmart. we will be right back.

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on how to get healthy together. lori: i am lori rothman. bp has agreed to pay $4 billion over the next five years in relation to the 2010 deepwater horizon oil spill and the british company agreed to a five year probation term and says it will take more action to enhance safety operations. year later $1.6 billion aflac 18 customer funds still unaccounted for. jon corzine was found responsible, choices made by jon corzine during his tenure as chairman sealed mf global's 8. four 29,000 americans filed for first-time benefits last week pushing jobless claims to their highest level in 18 months. hurricane sandwich a factor.

the storm added claims to an already weakening job market. that is the latest look at business from the fox business network giving you the power to prosper.

tracy: just when we thought we were as the worst of the housing crisis the federal housing administration is on the verge of meeting a bailout and liz macdonald called it in 2009 but our next guest says this rescue need to be a top priority in washington to make sure the housing recovery is not derailed. a professor of the university of pennsylvania's school of business, like i said, elizabeth knew this in 2009. we all knew this was eventually going to happen. stuart: the only agency left that hadn't asked for a bailout. why haven't we been prepared for this? >> it is hard to take steps to prepare. the reserves are likely to go

lower. they need 2% reserves. we are waiting on a report. the report is likely to be out friday. it is expected to be negative and they need a cash infusion. tracy: they tell the 2% capital ratio requirement over the last three years. at that point i guess they were able to raise insurance premiums to cover the difference. i use saying they can no longer do that? >> they can do that. it is an alternative. there a range that is negative that can be taken. they can metcalf from the treasury or they can take steps themselves like raising the insurance premiums yet again, are making the future books of business even save for. they have taken steps along those lines but there are tradeoffs here. tracy: sure there are but part of the problem is the loans from

2008-2009, they're backing, 90 days delinquent at best, loans going forward are a little better so the business going forward could offset any of the damage done in the past. why do the taxpayers have to come in on this? >> exactly right. this is a question ritter for the future. current loans their underwriting are far save her. nonetheless the past loans are coming do. a ramped up in 2007-2008. 2005-2008 loans that are really hurting right now. they hadn't needed reserves or a call for taxpayer infusion before this. every other had and they had gone 78 years without requiring any taxpayer assistance but they had gone through a 500 years storm. this has to take a toll and make changes. the problem is they could themselves make changes and hurt the overall housing market and ironically if they ratchet up

their lending standards across the board, and come back to bite them as well. tracy: it seems based on what you are saying and we will find out friday they will have no choice but to do that. >> either that or get cash from the treasury which automatically happens. you don't need an act of congress. tracy: taxpayers on the hook again. thanks for explaining all that. it is a quarter till the hour, time for stocks as we do every 15 minutes. back to nicole petallides on the floor of the stock exchange. market cap is down, breaking resistance levels. >> it is the time of transition. apple, $700. that was the tune, we saw apple moving up to a new highs and on the contrary, selling off and selling off more and you're

seeing big guys taking money off of the table like david einhorn had his apple stake, and doing much of the same. mention a market cap, still below $500 billion but earlier in the day it was below $500 billion the first time since may so we will watch the tech giant but 547 is no $700. tracy: is not and 522 the next resistance level and guys like david do something like that it scares the market and selling began selling. we will see you at the top of the hour. coming up is the united states in need of a new electrical grid? people in long island, i know what they are going to say. could we afford it? leading analyst weighs in on that but let's look at today's winners and losers as we head to break. the dow down 34 points, 40 of that attributed to walmart but on the nasdaq research in motion

believe it or not up 3%. cisco systems still up, yesterday's earnings call. we will be right back. ♪ [ engine revs ]

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tracy: more on a story you heard on fox business, united airlines suffering a major computer average that left thousands stranded. one of our producers a was on a flight that was delayed and that

is how we broke it. >> you never want to make her angry. united responding to fox business will bring you this news. some but not all of their main line flights were affected. nicole has and talking about the stock price. this is the fourth time in less than a year there was a major computer program since united merged with continental in part of the merger to create the nation's largest airline. thousands of flights were canceled and thousands of people were delayed and several flights were canceled. this went down earlier this morning and it was the computer software that has to do with it the baggage. it is they-year-old software used by united, operations that they have resumed flights and are up and running. according to united they are getting back to normal. back to you. tracy: adam was referring to

michael, our rock star producer. do not get her angry. thanks. superstorm sandy knocked out power to nearly eight million people, totally raised concerns about the vulnerable state of the electrical infrastructure but can we afford to upgrade is a crazy question. the managing director with clearview energy, it is a crazy question because who cares? we got to update. >> a considerable stir charge. >> is it better to pay now. still people without power should be mind-boggling. >> it is mind boggling but even in the category 1 hurricane this was an incredibly destructive storm because of all the flooding. we had over eight million people and they were able to restore service pretty quickly given the amount of devastation the system

withstood. easy to say we absolutely should pay for this but it is another four years until the storm this big hits? then you have customers coming back saying why are my rate so high. tracy: because you are saving your grandchildren. should we bury our cables underground? is that the answer? la wires were flying in the wind. it was crazy. should they be underground? >> the best time to do undergrounding is when you are building the neighborhood because then you are laying the sewers and other utilities. to put them in with a fiberoptic makes a great deal of sense but for existing neighborhoods it is much more expensive. you are talking about the difference between 150 to $200,000 for an overhead line to ten times that to underground and dig up streets and have these conduits in step and in some places it may make sense to do that if they are particularly vulnerable but even if they're underground that doesn't protect them 100% from a flooding event.

tracy: the problem is the grid never anticipated all the pressure it is getting these days. in my house alone we couldn't find enough outlets to charge phones, ipads, ipods, we are plugging in anywhere we could because we were without power. there was no anticipation of this. is just going to get worse. we are going to be charging more and more things. >> there are so many pressures on the electric grid. not just what we are asking to do to distribution and transmission systems but with new air control regulations we are also asking utilities to rotate into cleaner generating assets and those costs more money than the old ones. the question is balancing. how much rihanna liability should we get on the front protection side and how much should we invest in resiliency? fast recovery. it is not working assuring ourselves for everything. tracy: your point earlier that

utilities are regulated is that the problem? why do we get private industry coming and let them put the wires underground and charge tickets you want? >> many of them are already publicly traded and still regulated. competition can do a lot particularly on the generation side but when it comes to monopoly service like bring electricity to the home there's a real reluctance from politicians's point of view to let that be an unregulated business. you don't want duplicative networks either. it is trying to find a balance between how fast you can recover and how much you can protect. if we had a change, it could be interesting because you could see more investment and more robust grid. tracy: talking about electric cars every day of the week. clear view energy partners, thank you so much. the economy is slowing. how will the biggest government banks survive?

the chairman of the tb, russia's second largest bank, joins liz claman, live in steal a fox business exclusive. the dow is down 22 points. count down to the closing bell is next. don't go anywhere.

liz: i am liz claman. it is the last hour of trading. welcome to count down to the closing bell. here's what you know to get through this last hour of trade. the dow and the s&p climbing back from early losses and not as bad as it could be after a slew of disappointing economic data. and initial jobless claims much of it due to work stoppage caused by hurricane sandy but the disappointing philly fed and new york fed numbers were regional indicators of economic activity that didn't look so good. it was down 31 points